“Colourfield have a key asset management role to play in this partnership in terms of the innovation and technology they can provide,” said Motsepe, commenting on the deal. “…We are looking to build a “best of breed” financial services business and ultimately, benefit our stakeholders and positively contribute to the lives of South Africans.”

Nick Sennett, Costa Economou and Shaun Levitan founded Colourfield in 2010, since when the company has grown to be South Africa’s largest investment manager of third-party, goals-based investment solutions. Colourfield plans to leverage African Rainbow Capital’s strategic focus and strong leadership team to help it expand further.

“We are extremely excited by the synergy an ARC shareholding in our business will create,” Costa Economou said in the statement announcing the deal. “The involvement of ARC, an extremely strong BEE partner, will bring strategic focus, a strong leadership team, new and exciting opportunities and the shareholding of a broad-based trust.”

“Our agreement with ARC is the perfect way for us to achieve the growth we want without compromising our independence,” he added.